The Nigerian naira has closed the week(Friday, May 17) against the US dollar in the official foreign exchange market at N1,599.

This is the same rate the Central Bank of Nigeria quoted on Thursday in the Nigerian Foreign Exchange Market (NFEM).

However, when compared to the closing rate of N1,607 a dollar in the previous week ending May 9th, the naira appreciated by N8 after 5 days of trading in the official market.

How naira performed on Friday

According to CBN data on Friday, May 17, participants bid for the dollar at rates as high as N1,603, while the lowest rate recorded during trading was N1,597.

For Nigerians looking to buy dollars from the bank for Personal Travel Allowance (PTA), Business Travel Allowance (BTA), school fees, or medical expenses, transactions are processed at the NAFEM rate.

On Friday, the bidding rate stood at N1,599, while the offering rate was N1,603.

Naira against pound, euro

However, it was a different outcome as the naira against the British pound sterling and the euro.

CBN data showed that the naira appreciated against the Pound Sterling on Friday, strengthening to N2,123.42/£1 from Thursday’s rate of N2,126.47/£1.

It also gained against the euro, improving to N1,788.00/€1 compared to N1,791.25/€1 on Thursday.

Here is naira value against other currencies

Pound Sterling: N2,123.42

Euro: N1,788.01

Swiss Franc: N1,906.87

Japanese Yen: N10.97

CFA Franc: N2.73

Saudi Riyal: N426.23

Danish Krone: N239.65

Chinese Yuan (Renminbi): N221.77

South African Rand: N88.33

Naira to the dollar at the black market

The naira's story was the same in the black foreign exchange market, also known as the parallel market.

Abudullahi, a forex trader, told Legit.ng that the dollar appreciated slightly against the dollar.

The Naira appreciated against the US Dollar on Friday, trading at N1,620/$1 compared to Thursday’s rate of N1,630/$1.

It also strengthened against the Euro, improving to N1,775/€1 from N1,795/€1, and gained against the Pound Sterling, rising to N2,130/£1 from N2,155/£1.